Financial situation
Financial management
There were no changes to the financial management concept of DB Group in the first half of 2011. The concept is described on page 97 of the 2010 Annual Report.
The debt issuance program [see "DB-Portal"] for € 15 billion designed for long-term financing was updated in April 2011. As of June 30, 2011, the program had been utilized to the extent of € 11.6 billion, and thus there was room for further issues of € 3.4 billion (as of December 31, 2010: € 3.2 billion).
In the first half of 2011, DB Group issued two bonds, each with a volume of € 500 million and terms of five and ten years, via its financing subsidiary Deutsche Bahn Finance B.V. (DB Finance), Amsterdam/the Netherlands. The bonds were placed mainly in France and Germany. The funds which were raised had various applications, including the repayment of two foreign currency bonds which were due during the reporting period (for a total equivalent of € 1.2 billion).
As was the case in the previous year, there was a multi-currency multi-issuer commercial paper program for € 2 billion available for short-term financing as of June 30, 2011. This program was utilized to the extent of € 1.7 billion as of June 30, 2011 (as of December 31, 2010: € 42 million).
As of June 30, 2011, DB Group had also guaranteed unused credit facilities of € 2.6 billion (as of December 31, 2010: € 2.5 billion). The commercial paper program is secured by these backup facilities.
In addition, we were also able to access credit facilities of € 1.4 billion as of June 30, 2011 (as of December 31, 2010: € 1.4 billion). These facilities which are made available to the subsidiaries worldwide comprise the financing of working capital and also the provision of guarantees.
No major finance lease transactions were concluded in the period under review.
RATINGS CONFIRMED
| Ratings DB AG | First issued | Last confirmation | Current ratings Short-term | Current ratings Long-term | Outlook |
| Moodyʼs | 16.05.2000 | 26.11.2010 | P-1 | Aa1 | stable |
| Standard&Poorʼs | 16.05.2000 | 01.06.2011 | A-1+ | AA | stable |
| Fitch | 17.02.2009 | 11.07.2011 | F1+ | AA | stable |
Stand 21. Juli 2011
The creditworthiness of DB Group is constantly monitored by the rating agencies Standard&Poor’s (S&P), Moody’s and Fitch.
In the period under review, S&P confirmed the good ratings of DB AG as part of the annual rating review. Fitch confirmed its ratings of DB AG at the beginning of July 2011. The ratings have thus been unchanged since they were first awarded in the year 2000 (S&P, Moody’s) and 2009 (Fitch).
Additional information concerning the subject of rating [see "DB-Portal"] and the complete analyses of Standard&Poor’s (S&P), Moody’s and Fitch concerning DB AG can be found on our Web site.
Last modified: 26.09.2011